Key Takeaways:
The new product guarantees full capital protection at maturity while offering returns that are limited to 85% of the ETF’s performance. The offering period runs from July 1 to July 28, and is available exclusively to professional clients in Italy. As European regulators have not yet approved local spot Bitcoin ETFs, banks are increasingly turning to structured products as alternatives.
UniCredit has announced a structured investment product linked to BlackRock’s iShares Bitcoin Trust ETF, according to a report dated July 1. This five-year certificate, priced in U.S. dollars, ensures full capital protection at maturity, with returns capped at 85% of the ETF’s growth. The minimum investment required is set at $25,000, as detailed in a memo obtained by Bloomberg and verified by UniCredit.
First Bitcoin ETF Structured Product for Italian Investors
The offering is specifically targeted at professional clients in Italy and is available during a limited period from July 1 to July 28.
The iShares Bitcoin Trust ETF, which gained approval in the U.S. in January 2024, has rapidly accumulated assets totaling $75 billion. Earlier this year, BlackRock also introduced a separate Bitcoin exchange-traded product for European investors.
Chicco di Stasi, the head of Group Investment Product Solutions and Equity & Credit Sales and Trading at UniCredit, noted, “We are seeing increasing interest from professional investors in instruments tied to emerging asset classes such as cryptocurrencies.” He further stated, “With this product, we offer our professional clients a distinctive solution — the first of its kind in Italy.”
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Europe Slowly Progresses with Crypto ETFs
Other European banks have begun exploring crypto-linked services. For instance, Intesa Sanpaolo conducted its first spot Bitcoin purchase in January and has established a trading desk, while Banco Santander is looking into providing digital asset services to retail clients through its online platform.
The UniCredit certificate is significant as it marks one of the first instances where a major eurozone bank offers exposure to a U.S.-approved spot Bitcoin ETF to local clients through structured terms.
Its capital protection feature combined with capped returns reflects a cautious strategy to cater to the rising demand for digital assets while adhering to regulatory frameworks. This approach illustrates how banks are adopting ETF-linked strategies to satisfy growing interest in Bitcoin while avoiding the complexities of direct ownership and wallet infrastructure.
As European regulators delay the approval of their own spot Bitcoin ETFs, structured certificates tied to foreign ETFs are emerging as a viable workaround.
Frequently Asked Questions (FAQs)
What are the implications of offering capital-protected crypto products?
Capital protection is appealing to risk-averse investors and signifies an effort to integrate crypto into traditional financial systems. This approach reflects a cautious stance toward volatility while still addressing the demand for digital assets.
How does linking a European product to a U.S. ETF work under regulation?
By connecting returns to a U.S.-based ETF, banks can construct exposure to cryptocurrencies without depending on local products that lack regulatory approval. This strategy aligns with existing EU restrictions on spot Bitcoin ETFs.
What does this mean for broader bank adoption of crypto-linked instruments?
This trend suggests a gradual shift towards acceptance. Traditional financial institutions are expected to first offer wrapped or hybrid products before fully committing to direct crypto offerings, particularly in light of regulatory uncertainties.
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